22.09.202516:24:28UTC+00European Stocks Close Lower

European stocks experienced a slight decline on Monday, following strong gains from the previous week. Investors continued to evaluate the prospects for global interest rates and considered ongoing geopolitical uncertainties. The Eurozone's STOXX 50 fell by 0.3%, reaching 5,445 points, while the broader pan-European STOXX 600 dipped by 0.1% to 554 points. The automotive sector was a focal point of losses, with Porsche reducing its profit forecast for the year and announcing a delay in an electric vehicle launch due to weak demand, resulting in a 7.2% drop in its shares. Additionally, Volkswagen, which holds a significant stake in Porsche, saw its shares decline by 7.1%, while Stellantis also fell by over 2%. Concurrently, BBVA lagged behind the technology sector with a 2.7% decrease after increasing its bid to acquire Banco Sabadell by 10%, amounting to €17 billion. On the other hand, ASM International experienced a positive movement, with its shares rising by 2.2%.